"Aerospace has been one of the drivers of this United States economy," Cramer said on "Squawk on the Street."

"This makes me feel that perhaps we've been too bullish in aerospace, which means there are a lot companies that are about to report that are not going to be able to say good things about [a] line item that is very important for the U.S. economy," he added.

Cramer also said perhaps an additional reason for the stock dropping is because Honeywell was so upbeat about its guidance previously.

The company said it expects 2016 earnings in the range of between $6.60 and $6.64 a share, down from its previous forecast of between $6.60 and $6.70 a share. Its core organic sales are expected to be down 1 to 2 percent for 2016, compared with a 1 percent decline it had estimated previously.

With Friday's declines, Honeywell's stock is still up nearly 4 percent year to date.